A commercial property manager is undoubtedly an expense for any property owner, but if you hire the right person, the rewards are worth their weight in gold. Property managers are your frontline defense, saving you from countless arguments and headaches. They take care of the minutiae that you almost certainly don’t have time for. They use their expertise to find and keep reliable tenants. They use their legal know-how so you can avoid costly fines from local officials. We’ll look at how they do this, and why their skills are indispensable.
Relationships for property owners start at the screening level. A commercial property manager is trained to spot the red flags, so you’re less likely to sign a contract with a tenant who will cause problems for you down the line.
Once you do have tenants in your building, the property manager is available to handle any hiccup that arises. Late rents, unreasonable demands, lease violations: these are all common problems for a landlord. If you’re not careful, you can quickly erode the relationship between you and the tenant.
Too lenient, and you risk people taking advantage of your hospitality. Too harsh, and you’re going to drive good people away. Most owners don’t have the patience or the resources to work with tenants in a way that both parties feel respected and heard. Thankfully, most property managers do.
Part of the commercial property manager‘s job is to think through everything from personality clashes to financial catastrophes. It’s their job to develop systems that ensure the property owner is paid and the tenant is getting what they pay for. There will be certain times when a tenant will never be satisfied regardless of what you do, but the right property manager keeps these instances to the bare minimum.
Tenant turnover can result in long vacancies, which can ultimately make your commercial property less desirable. Unless you’re located in the hottest spot in town, a commercial property manager can do a lot to manage your turnover so your units don’t stay empty for long.
A good property manager will explore everything from digital channels to bulletin boards to get the word out there. They’ll think about who your tenants are and what they’re looking for. For instance, will your tenants settle for nothing less than the best or are they looking for basic amenities only? Whatever your ideal demographic is, the property manager will figure out how to appeal to them.
When you set out to purchase your first property, you quickly learn about how different market dynamics govern everything from price setting to Open Houses. But once you take control of the property, it’s easy to forget that the market is constantly changing. The commercial property manager is there to study the trends, so you don’t have to. They narrow down the best tactics so you get the best market rate for your property.
The benefit of this kind of unbiased assessment is that the manager is looking at more than just your property. They’re comparing your amenities, square footage, and location to similar properties in the area and using that data to set the right price. They first target those who are already interested in your neighborhood before expanding out from there (if necessary).
A commercial property manager knows who to call when the plumbing goes down in the middle of the night. They’ve already gone through the arduous vetting process to find reliable professionals. It’s not easy to find someone who will show up on time, work efficiently, and charge a fair rate. Instead of hiring 10 electricians to find the right one, you can hire one commercial property manager and get all the benefits of their legwork.
The commercial property manager is likely going to be on-site more often than the property owner. This gives them a chance to track problems as they develop. Whether it’s a tiny patch of peeling paint or a frayed wire, simply being on the property on a regular basis can help keep your building safe.
You might think that you can rely on your tenants to complain if there’s a problem, but remember that tenants are likely only frequenting one or a select few parts of the property. The manager will make it their mission to do a complete overview, reducing the odds of an overlook.
There are countless laws that govern real estate at the federal, state, and local levels. While a property manager is not a real estate attorney, they do have experience with how rules are written, passed, and enforced. They can help you finalize the terms of your lease and update your property to meet new zoning laws. Their advice can also help you prioritize your improvements, so you don’t risk a compliance violation.
Putting It Altogether
A property manager’s job is made up of a pretty hefty to-do list. When property owners try to take on the daily duties of a manager, they quickly find that they can’t keep up with it all. Unless you have a significant amount of time to devote to managing your property, you’re better off asking someone else to do it. The key is to hire someone with the experience and know-how to keep all the balls up in the air, even when the chips are down.
Hire Reputable Commercial Property Manager
At Strategic Properties Management, we provide our clients with management, leasing, and development services in Tampa, Florida. If you are looking for experienced and reputable commercial property management, contact us today.